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We haven't heard about BOA suspecting fraud. The only way we know about them ordering a retro appraisal was that the listing agent spoke with the appraiser when he needed access to the property. The appraiser had a copy of the original appraisal to find the comparables, too.
If the value does not come back the way it should, make your own professional looking comparable valuation, with color pictures, and load it into Equator. You can dispute the value. Some BPO agents are not as good as others, that includes appraisers also. Some BPO agents have even told me that they are hoping to make it into REO listings by doing BPO's. Do you think they might have a reason to want to make a short sale fail by giving a higher value, if they think they may get the listing as a REO?
I like to get comps ready on the property to be valued, and if possible give them to the agent or appraiser, in the guise of helping them out. I am not an agent, but a third party short sale facilitator. I'm not sure if agents have restrictions placed on them with this.
I think the questions is: Why are they going back to 2006? Investor MI payoff might be sweeter!!!
I've been doing more "historical" bpos lately...they're checking values at the time of the effective date of a previous loan.
Gabe Sanders said:
I've had this a few times in the past. It could be as Bryant said above. Occasionally they are also checking trend values in local markets as well.
Hi Kristy,
I had an appraiser call me 2 weeks ago on a short sales I closed at the begining of the year and I asked him why he was doing an appraisal on a property that was already closed. He told me that the MI company on this transaction had order a forensic appraisal on the property for the year 2007 which was when the loan was taken out. I asked him the reason for this & he said that the MI company wanted to make sure that there was no fraud perpetrated on the original appraisal. I was concerned for my client but the appraiser said it was just about the appraisal.
I am unsure as to what came about from the "retro appraisal", but know that the new BPO that was ordered came back at the same amount as the first, even though the first BPO was performed with 11 additional acres of land included in error. So, their BPO amount was the same with 11 acres included as without the 11 acres, which were not encumbered by the mortgage. Only the house and one acre had a mortgage attached. Result? Buyer walked. The seller had even included an additional acre of land with the contract toward the short sale. BOA is the lender.
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